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AssetMark Financial Holdings, Inc. (NYSE: AMK) is a prominent wealth management technology platform based in Concord, California. Established in 1996, AssetMark provides a comprehensive suite of innovative investment and consulting solutions designed to empower independent financial advisors. With a strong focus on simplifying client engagement and enhancing advisor efficiency, the company serves over 9,200 financial advisors and more than 257,000 investor households.
AssetMark's platform stands out for its end-to-end services that encompass almost every aspect of an advisor’s interaction with clients. This includes initial consultations, ongoing financial planning, performance reporting, and billing. By providing extensive tools and capabilities, AssetMark enables advisors to streamline their day-to-day business activities, allowing them to spend more time on meaningful client interactions.
As of the first quarter of 2024, AssetMark boasts approximately $117 billion in platform assets, demonstrating its significant market presence and continuous growth. The company's recent achievements include a 21.5% year-over-year increase in platform assets and a substantial rise in net income.
In April 2024, AssetMark entered into a definitive agreement to be acquired by GTCR, a leading private equity firm, for $35.25 per share in cash, valuing the company at approximately $2.7 billion. This acquisition is expected to further enhance AssetMark’s growth trajectory by expanding its product offerings and maintaining its high standard of client service.
AssetMark’s relentless service ethic, coupled with its robust client relationship support, sets it apart in the wealth management industry. The company's ecosystem of solutions, including affiliates like Voyant and Adhesion Wealth, provides advisors with the necessary tools to deliver superior investor outcomes and improve their productivity, profitability, and client satisfaction.
For more detailed information about AssetMark Financial Holdings, Inc., visit their website at www.assetmark.com.
AssetMark Financial Holdings, Inc. (NYSE: AMK) announced it will release its financial results for the quarter ended December 31, 2020, after U.S. market close on February 11, 2021. A conference call and webcast will take place at 5:00 PM ET on the same day to discuss these results. AssetMark, a leader in wealth management and technology solutions, had $67 billion in platform assets as of September 30, 2020. Investors and interested parties can access the call via the AssetMark Investor Relations website or by pre-registering for dial-in details.
AssetMark (NYSE: AMK) forecasts a transformative year for the financial advisory industry in 2021, driven by evolving investor demands and technological advancements. Key insights include a growing need for advice from 40% of investors, potential client turnover as advisors adapt to digital services, and an increase in the independence of advisors from brokerages. The rise in ESG interest amidst advisor reluctance and the anticipated growth of advisor practices underline pivotal trends shaping the sector. AssetMark aims to support advisors with tailored technology solutions.
AssetMark Financial Holdings (NYSE: AMK) reported strong growth in December 2020 with platform assets reaching $74.5 billion, a 20.9% increase year-over-year. Net flows improved significantly, totaling $636 million, reversing a negative flow of $194 million in December 2019. The company's client cash also surged to $2.62 billion, marking a 39.4% annual rise. Additionally, the number of households served grew by 15.0% to 186,602.
AssetMark Financial Holdings, Inc. (NYSE: AMK) announced a new Credit Agreement with six banks, establishing a $250 million secured revolving Credit Facility. The company will draw $75 million from the new facility to pay off its existing $124 million term loan, which carried a LIBOR plus 3.00% interest rate. The new agreement offers lower borrowing costs with an initial interest rate of LIBOR plus 2.00%. The four-year Credit Facility aims to enhance financial flexibility for strategic growth and acquisitions in 2021.
On December 10, 2020, AssetMark Financial Holdings (NYSE: AMK) published its November 2020 metrics. The platform assets reached $71.8 billion, reflecting an 18.5% year-over-year increase. However, net flows decreased by 8.4% year-over-year, totaling $501 million for the month. Client cash at AssetMark Trust Company rose significantly, reaching $2.50 billion, marking a 43.7% upswing. The number of households serviced also increased by 13.8% to 184,935. These metrics indicate growth in assets and cash but highlight a decline in new business inflows.
AssetMark Financial Holdings, Inc. (NYSE: AMK) will attend several investor conferences in December 2020. Highlights include a presentation at the D.A. Davidson FinTech & Payments Spotlight Virtual Conference on December 3rd at 2:15 p.m. ET, followed by participation in the Goldman Sachs 2020 US Financial Services Conference on December 8th and 9th at 11:20 a.m. ET. Additionally, the company will engage in a group meeting at the BMO 2020 Growth & ESG Conference on December 8th. AssetMark, with $67.3 billion in platform assets as of September 30, 2020, offers comprehensive wealth management solutions.
AssetMark (NYSE: AMK) has partnered with CIBC Private Wealth to enhance investment management services for high-net-worth clients. This collaboration will provide AssetMark advisors access to CIBC Custom Portfolios, which offer tailored investment solutions and wealth planning strategies. The portfolios include a mix of equities and bonds designed for strong, risk-adjusted returns. David McNatt of AssetMark expressed enthusiasm for the partnership, highlighting its role in expanding high-net-worth solutions and enhancing the platform's offerings for advisors.
AssetMark (NYSE: AMK) announces that CEO Charles Goldman will speak at the FPA of Miami Symposium on November 19, 2020. His presentation, titled 'The Future of Financial Advice,' will address evolving investor demands for lower-cost, holistic, and technology-supported solutions. Goldman aims to guide financial advisors on enhancing services and building meaningful client relationships amidst increasing pressures. The symposium, offering seven hours of CE credit, will feature notable speakers from the financial services sector.
AssetMark Financial Holdings, Inc. (NYSE: AMK) reported key metrics for October 2020, highlighting platform assets of $66.5 billion, a 12.3% increase year-over-year. However, net flows decreased significantly, totaling $396 million, a 47.5% decline from the previous year. On a positive note, client cash at AssetMark Trust Company rose to $2.47 billion, a 38.8% year-over-year increase, and the number of households served rose 14.0% to 183,774.
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